New York Life Real Estate Investors, on behalf of an undisclosed institutional client, has sold Centerpoint Plaza, a 97,823-square-foot, three-story, class-A, multi-tenant office development in Carlsbad, California, to Hill Companies for $26.8 million, a representative of NKF Capital Markets reports.
Centerpoint Plaza is 87 percent leased to a roster of tenants including Thomson Reuters, Wells Fargo, Colliers International, and the FBI, according to the representative. The property, which was delivered in 2007, is a steel-frame construction featuring a two-story main lobby.
The source also says the NKF Capital Markets team of Brunson Howard, executive managing director; Kevin Shannon, co-head of US capital markets; Paul Jones and Ken White, executive managing directors; and Rick Stumm, senior managing director, represented New York Life in the transaction. It offers easy access to El Camino Real and Palomar Airport Road.
Howard is quoted in a statement from the representative as saying, “Carlsbad has really come into its own as a mature and dynamic marketplace, and it continues to transform at a rapid pace with high-end retail and residential development ongoing. This, along with best-in-class asset quality and investment-grade tenancy, made Centerpoint Plaza a rare and highly sought-after opportunity.”
The representative also reports that Carlsbad has seen close to 600,000 square feet of positive net absorption since 2013.
This deal is one of the latest in a series of sizeable office transactions completed by NKF Capital Markets in the Southern California region, including, as SoCal Real Estate has reported, the sale of 1500 Quail Street in Newport Beach, California, also by New York Life, for $32 million; The Summit in Aliso Viejo, California, for $150 million; and The Campus on Villa La Jolla in La Jolla, California, for $97 million.